HMS Victory to be raised from the sea more than 250 years after it sank

The wreckage of the first HMS Victory is to be raised from the sea more than 250 years after it sank with at least 1,000 crew on board.

The predecessor of Nelsonâs famous flagship, pictured, was destroyed in 1744

The predecessor of Nelsonâs famous flagship went down in a storm off the Channel Islands in 1744.

Along with a bronze cannon collection, it was believed to be carrying gold coins from Lisbon to Britain, which would now be worth £500million.

The bulk of any treasure will go to US salvage firm, Odyssey Marine Exploration, which found the wreck in 2008.

The Florida-based company found the site 100m (330ft) under the English Channel, more than 100km (65 miles) from where the ship was historically believed to have been wrecked, near the Channel Islands.

The wreck is to be handed over to the Maritime Heritage Foundation and the guns and other artifacts will be displayed in British museums.

The Maritime Heritage Foundation was set up by Lord Lingfield, the Tory peer formerly known as Sir Robert Balchin.

He is a relative of Admiral Sir John Balchin, who was on board the Victory when it sank.

Lord Lingfield told the Sunday Times: ‘The foundation seeks to prevent damage to this historically important site and maximise its archaeological, scientific and educational value.

‘We hope it will give a unique insight into the world of the mid-18th century Royal Navy.’